NZD/CAD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
This week the Kiwi has plummeted against the majority of its counterparts. The list of currency pairs included the Kiwi/Loonie, which dropped substantially, and therefore confirmed the descending triangle pattern. By crossing both weekly and monthly S1 support lines, there is a greater risk the New Zealand currency will continue falling in the medium and long-term against the Canadian Dollar. According to bearish weekly technical studies, the pair is most probably getting ready to violate the nearest demand at 0.8534 (monthly S2) and depreciate even more. Meanwhile, market is completely undecided on the pair's perspectives, with bulls and bears holding the equal number of opened trades.
© Dukascopy Bank SA
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